This newsletter provides a summary of updates related to professional and financial matters from June 25, 2020. It covers notifications and announcements from regulatory bodies like CBIC, CBDT, MCA, IBBI, and SEBI regarding indirect taxes, direct taxes, corporate laws, insolvency and bankruptcy, and the securities market. It also includes legal updates from tribunals and courts. The newsletter is published daily by Pradeep Goyal, a chartered accountant and insolvency professional, to keep professionals updated on changes in tax, law, and business regulations.

1. NEWSLETTER
June 25, 2020
Edition: 224
By Pradeep Goyal, Chartered Accountant
FCA | CPA-Australia | Forensic Auditor & Fraud Examiner | Insolvency Professional | Registered Valuer | GST Expert
USP
▪ One of its kind covering all updates related
to Professional and Financial matters in one
document.
▪ Daily updates with Gazetted Notifications,
Circulars, Announcements & Press releases
▪ Covers updates related to
❖ Direct Tax Code
❖ Indirect Taxes
❖ Direct Taxes
❖ ICAI announcements
❖ ICSI Announcements
❖ Corporate laws
❖ Insolvency and Bankruptcy
❖ Security & Exchange Board (SEBI)
❖ Micro, Small & Medium Enterprises
❖ Reserve Bank of India
❖ Economy & Finance.

2. INDEX
UPDATES RELATED TO
▪ Direct Tax Code
▪ Indirect Taxes
▪ Direct Taxes
▪ ICAI Announcements
▪ ICSI Announcements
▪ Corporate Laws
▪ Insolvency and Bankruptcy
▪ Security and Exchange Board of India (SEBI)
▪ Micro, Small & Medium Enterprises
▪ Reserve Bank of India
▪ Economy & Finance.
[From Monday to Friday | 5 days a week | No updates on Saturdays and Sundays due to closure
of all government departments]

3. PRADEEP GOYAL, Chartered Accountant
FCA | CPA-Australia| Forensic Auditor | Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner Page I
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“CBIC” and Government.
❖ CBIC issued various Non-Tariff Notifications
Date Notification
No
Description Power used
under section
24-06-20 49 Seeks to bring into force Sections 118, 125, 129 & 130
of Finance Act, 2020 to bring amendment to Sections 2,
109, 168 & 172 of CGST Act w.e.f. 30.06.2020.
sub-section (2) of
section 1 of the
Finance Act, 2020
(12 of 2020)
24-06-20 50 Seeks to make seventh amendment (2020) to CGST
Rules.
Section 164
24-06-20 51 Seeks to provide relief by lowering of interest rate for a
prescribed time for tax periods from February 2020 to
July 2020.
Section 50(1) read
with section 148
24-06-20 52 Seeks to provide one time amnesty by lowering/waiving
of late fees for non-furnishing of FORM GSTR-3B from
July, 2017 to January, 2020 and also seeks to provide
relief by conditional waiver of late fee for delay in
furnishing returns in FORM GSTR-3B for tax periods of
February, 2020 to July, 2020.
128
24-06-20 53 Seeks to provide relief by waiver of late fee for delay in
furnishing outward statement in FORM GSTR-1 for tax
periods for months from March, 2020 to June, 2020 for
monthly filers and for quarters from January, 2020 to
June, 2020 for quarterly filers
128
24-06-20 54 Seeks to extend due date for furnishing FORM GSTR-3B
for supply made in the month of August 2020 for
taxpayers with annual turnover up to Rs. 5 crores.
Rule 61(5) read
with section 168
[Click here to download the notifications]
❖ CBIC issues advisory on Payment of GST by real estate promoter/developer
supplying construction of residential apartment etc, on the shortfall value of
inward supplies from registered supplier at the end of the financial year.
Download Instruction No. 3/2/2020- GST dated 24/06/2020
Indirect Taxes

4. PRADEEP GOYAL, Chartered Accountant
FCA | CPA-Australia| Forensic Auditor | Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner Page II
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“CBDT” and Government.
❖ CBDT further extends various due dates for compliance under Income-tax Act
The Central Board of Direct Taxes (CBDT) has extended the various due dates,
which were extended, to June 30, 2020, by the Taxation and Other Laws
(Relaxation of Certain Provisions) Ordinance, 2020. Due date for furnishing
revised/belated ITR for AY 2019-20 extended to July 31, 2020
Read the notification here
▪ Legal Updates- Tribunals / High Courts / Supreme Court
Sr.No.
Key to find the
document
Authority
who passed
the order
Details of decision
1 2020] 117
taxmann.com 236
Income Tax Officer
v.
Sri Vasavi Polymers
(P.) Ltd.
IT APPEAL NO. 606
(VIZ.) OF 2018
[ASSESSMENT
YEAR 2013-14]
JUNE 5, 2020
Vizag
Tribunal
Where in terms of one-time settlement,
creditor bank waived off principal amount
of loan payable by assessee, said amount
could not be brought to tax under section
41(1) because assessee never claimed
same as deductible expenditure in earlier
assessment years.
Direct Taxes

5. PRADEEP GOYAL, Chartered Accountant
FCA | CPA-Australia| Forensic Auditor | Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner Page III
❖ MCA further extends relaxation for all Board Meetings through Video
Conferencing
The Ministry of Corporate Affairs (MCA) has notified the extension of the
relaxation for all the Board meetings to approve its financial statements through
Video Conferencing (VC) or Other Audio-Visual Means (OAVM) to be conducted
till September 30, 2020.
Notification here
❖ MCA provides extra time to existing independent directors for clearing online
examination
The MCA has notified the Companies (Appointment and Qualification of
Directors) Third Amendment Rules, 2020 whereby amendment has made in rule
6. Now, existing independent directors would have extra time for clearing online
examination.
Notification here
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“IBBI” and Government.
❖ IBBI released Report of the Committee of Experts to Examine the Need for an
Institutional Framework for Regulation and Development of Valuation
Professionals.
Download here
❖ IBBI release data of Corporate Insolvency Resolution Processes yielding
Resolution: as on 31st May 2020
Download here
Check visualization of data below-
Insolvency & Bankruptcy
Corporate Laws

6. PRADEEP GOYAL, Chartered Accountant
FCA | CPA-Australia| Forensic Auditor | Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner Page IV
▪ Legal Updates- NCLTs / NCL-ATs / Supreme Court
Sr.No.
Key to find the
document
Authority
who passed
the order
Details of decision
1 [2020] 117
taxmann.com 227
Bimalkumar
Manubhai Savalia
v.
Bank of India
NCL-AT
Delhi
SARFAESI and DRT proceeding will not
extend period of limitation under IBC
186472.54
40632.08
86150.99
113011.72
197703.72
95750.34
8698.35
26164.32
28397.63
80391.04
2912.63
292.54
2792.4
1144.32
4318.1
0
50000
100000
150000
200000
250000
Ahmedabad Hyderabad Kolkata Mumbai New Delhi
CIRP Yielding Resolution: As on 31st May, 2020 (Rs. in Crores)
Admitted Claims Realisable Amount-FCs Realisable Amount-OCs
Top 5 NCLT Benches

7. PRADEEP GOYAL, Chartered Accountant
FCA | CPA-Australia| Forensic Auditor | Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner Page V
❖ SEBI further extended time for submission of Annual Secretarial Compliance
Report by listed entities due to the continuing impact of the CoVID-19 pandemic
by one more month, to July 31, 2020
Order here
❖ Further extension of time for submission of financial results for the
quarter/half year/financial year ending 31stMarch 2020 due to the continuing
impact of the CoVID-19 pandemic by one month to July 31, 2020
Order here
❖ Resolution professionals latch on to older cases, new restructuring windows
Over 13,000 IBC applications are currently pending in NCLT, where only matters
seen as urgent are being heard. With such a large number of cases in pipeline,
resolution professionals feel there's stil.
Business Standard
Securities & Exchange
Board of India (SEBI)
Economy & Finance

8. PRADEEP GOYAL, Chartered Accountant
FCA | CPA-Australia| Forensic Auditor | Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner Page VI
Limitation of liability |
Disclaimer of Warranty
“THE AUTHOR, PRADEEP GOYAL, HAS USED HIS BEST
EFFORTS IN PREPARING THIS PUBLICATION AND IS NOT
RESPONSIBLE FOR ANY ERRORS OR OMISSIONS. HE
MAKES NO REPRESENTATIONS OR WARRANTIES WITH
RESPECT TO THE ACCURACY OR COMPLETENESS OF THE
CONTENTS OF THIS DOCUMENT AND SPECIFICALLY
DISCLAIM ANY IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR
PURPOSE, AND SHALL IN NO EVENT BE LIABLE FOR ANY
LOSS OF PROFIT OR ANY OTHER FINANCIAL OR
COMMERCIAL DAMAGE, INCLUDING, BUT NOT LIMITED
TO, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR OTHER
DAMAGES”.
SAVE WATER || SAVE UNIVERSE

9. About Scribbler
PRADEEP GOYAL
❖ Fellow Member of the Institute of
Chartered Accountants of India.
❖ Associate member of Professional
Accounting Body of Certified
Practising Accountants (CPA),
Australia.
❖ Forensic Auditor & Fraud Investigator
❖ Insolvency Professional
❖ Registered Valuer with IBBI- Asset
Class- Securities or Financial Assets
❖ CFA (Corporate Finance)- Columbia
Business School, USA | EMERITUS
Institute of Management, Singapore.
❖ Certified Goods & Service Tax
Practitioner from ICAI & Ministry of
Micro, Small & Medium Enterprises,
Government of India.
Connect
pradeep@pgaa.in +91-9811777103
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http://www.pgaa.in
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